Tax Deductible Palma

Which Business Expenses are Deductible?

Have you missed partying and having business meals with your prospects, customers, and employees? Did you know that you can count these as deductible business expenses?

Well, get ready to start again. Soon, COVID-19 will be behind us.

To help you get ready, check the table below for which fun business expenses are tax deductible in 2021 and 2022 as the law stands now:

Here is a little overview on what you can expect to be able to deduct:

1- Restaurant meals with clients and prospects: 100% (Amount Deductible for Tax Years 2021-2022).

2- Entertainment such as baseball and football games with clients and prospects: 0% (Amount Deductible for Tax Years 2021-2022).

3- Employee meals for the employer’s convenience, served by the in-house cafeteria: 50% (Amount Deductible for Tax Years 2021-2022).

4- Employee meals for a required business meeting, purchased from a restaurant: 100% (Amount Deductible for Tax Years 2021-2022).

5- Meal served at the chamber of commerce meeting held in a hotel meeting room: 100% (Amount Deductible for Tax Years 2021-2022).

6- Meal consumed in a fancy restaurant while in overnight business travel status: 100% (Amount Deductible for Tax Years 2021-2022).

7- Meals cooked by you in your hotel room kitchen while traveling away from home overnight: 50% (Amount Deductible for Tax Years 2021-2022).

8- Year-end party for employees and spouses: 100% (Amount Deductible for Tax Years 2021-2022).

9- Golf outing for employees and spouses: 100% (Amount Deductible for Tax Years 2021-2022).

10- Year-end party for customers classified as entertainment: 0% (Amount Deductible for Tax Years 2021-2022).

11- Meals made on-premises for the general public at a marketing presentation: 100% (Amount Deductible for Tax Years 2021-2022).

12- Team-building recreational event for all employees: 100% (Amount Deductible for Tax Years 2021-2022).

13- Golf, theater, or football game with your best customer: 0% (Amount Deductible for Tax Years 2021-2022).

14- Meal with a prospective customer at the country club following your non-deductible round of golf: 100% (Amount Deductible for Tax Years 2021-2022).

 

Are you interested in learning more about this? Then, book Your Free Tax Assessment Here and determine your projected 2021 tax savings.